Property Highlights

Property Description

1626 West Palo Alto Street is an eight-unit, garden-style apartment community located in the trendy and gentrifying Echo Park neighborhood of

Los Angeles, California. Built in 1990, the property is exempt from the city of Los Angeles Rent Stabilization Ordinance (not subject to rent control) and consists of a three-story building (two-stories above subterranean parking) with stucco exteriors and a pitched roof with composition shingles. Situated on a slightly elevated lot encompassing approximately 5,999 square feet, 1626 West Palo Alto Street consists of all two-bedroom units measuring approximately 700 square feet each. The property is individually metered for gas and electricity and is situated on a street to alley lot adjacent to new construction.

The property is a true value-added opportunity as the current long-term owner has not cosmetically renovated the property in over 20 years. Therefore, because the property is exempt from rent control restrictions, there is an opportunity for a new owner to renovate the units and the exterior of the property to increase the units drastically. The average current two-bedroom rent at the property is $1,739 per month and the adjacent property is leasing two-bedroom apartments for over $3,000 per month.

This community offers amenities which include:

Gated / Controlled Access

Community Mailbox Area at Entrance

On-site Laundry Facility

Parking Garage

1626 West Palo Alto Street units are light and bright and feature amenities which include:

Kitchen with Refrigerator, Stove, Double-Sink, Disposal, and Plenty of Cabinet and Counter space